Actual purchase priceActual direct labor rateStandard purchase priceStandard quantity for sets producedStandard direct labor houre allowedActual quantity purchaned in OctoberActual direet labor hoursActual quantity used in OctoberDirect labor rate variance$ 3.00 per lb.$8.20 per hour$ 2.80 per lb.1,040,000 lba.21,0001,295,000 lbs.17,0001,070,000 lbs.$6, 120 FRequired:1. Calculate the total cost of purchases for October.2. Compute the direct materials price variance based on quantity purchased.3. Calculate the direct materials quantity variance based on quantity used.4. Compute the standard direct labor rate for October.5. Compute the direct labor efficlency variance for October.Complete this question by entering your answers in the tabs below.Reg 1Reg 2 and 3Req 4Req 52. Compute the direct materials price variance based on quantity purchased.3. Calculate the direct materials quantity varlance based on quantity used. (Indicate the effect of each variance by selecting"E" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)2. Direct Materials Price Variance3. Material Quantity Variance

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A manufactured product has the following Information for June. Standard Actual 6 lbs. @ $7 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $11 per hr. 46, 800 lbs. @ $7.20 per lb. 22,900 hrs. @ $15.50 per hr. $259, 300 7,700 Direct materials Direct labor Overhead Units manufactured Exercise 21-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selectlng for favorable, unfavorable, and no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost
Paragraph Styles Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Unit Price Per Metre $2.00 $2.20 Metres Standard $10.00 Actual 5.2 $11.44 Direct labour Hours Hourly Rate $50 $5.50 Standard 3. $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 $3.10 $13.02 Actual 4.2 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
Information on Skymaster Company’s direct labor costs for the month of January follows: Actual direct labor rate $7.50 Standard direct labor hours allowed 11,000 Actual direct labor hours 10,000 Direct labor rate variance—favorable $5,500 What was the standard hourly direct labor rate in effect for the month of January?
Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700 Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit
MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
Question Content Area Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard labor hours for units manufactured 71,000 Unfavorable direct labor rate variance $17,025 Total payroll for labor $820,605 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
Peking Palace reported the following: Standard hours per unit 1.5 hrs. Standard rate per hour $18.00 Actual hours used 13,660 Actual rate per hour $17.50 Number of units produced 5,000 Determine the direct labor time variance. a.$107,800 unfavorable b.$107,800 favorable c.$110,880 unfavorable d.$110,880 favorable
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